Ann: Pre-Feasibility Study for the Isabel Nickel Project-AVQ.AX, page-189

They do refine their own nickel concentrate, Norilsk Nickel is one of the biggest producer of nickel concentrate around the world and the market expect the nickel concentrate consumption to remain similar to the last 2 years so the demand is there, and they can sustain these record low nickel price so they haven't been cutting huge amount of production. Norilsk Nickel actually said others should cut production before them........

Its these low grade laterite nickel ore that Russia have supply China which China uses to create NPI (a cheap substitute for refine nickel for stainless steel) that is causing this glut in the market.